Examlex
Use implicit differentiation to find dy/dx.
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Economic Profits
The gap between total income and the sum of all costs, covering both direct and indirect expenses.
Total Revenue
The entire amount of income generated by the sale of goods or services before any expenses are deducted.
Opportunity Cost
The value of the next best alternative forgone as a result of making a decision to pursue a certain action.
Economic Efficiency
The optimal distribution of resources in a manner that maximizes the total utility to all individuals in the economy.
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